Home / Knowledge / News / Apparel/Garments / Wet Seal announces comparable store sales decline
Wet Seal announces comparable store sales decline
08
Aug '08
The Wet Seal Inc, a leading specialty retailer to young women, reported net sales and comparable store sales for the four-week period ended August 2, 2008, or fiscal July, and the fiscal second quarter ended August 2, 2008, as follows:

The Company indicated it expects to achieve results at or near the high end of previously announced fiscal second quarter earnings guidance, which was for net income between $0.07 to $0.09 per diluted share, or between $0.09 and $0.11 per diluted share before the effect of $1.9 million in non-cash interest charges associated with a June 2008 conversion of $3.4 million of the Company's Secured Convertible Notes into common stock.

Ed Thomas, chief executive officer of The Wet Seal Inc, commented: "Our July comparable store sales reflect continuation of a very difficult and highly promotional market. Consistent with our approach through the first half of the year, we remain focused on tightly managing all aspects of our business as we enter the important back-to-school selling season.

We ended the fiscal second quarter with consolidated inventories per square foot approximately 12% to 13% below the comparable prior year level, which was in line with our expectations and, we believe, properly reflects the current selling environment.

"We also remain on course with the Arden B merchandising transition we started in the first quarter this year, though we have been very cautious with overall inventory levels during the early evaluation stage of this effort. As of the end of July, approximately 70% of Arden B inventory now reflects our new strategy, and sell-through rate on this merchandise during July exceeded the division's rate as a whole."

Mr. Thomas continued, "We are pleased with our expectation to achieve at or near the high end of our previously announced second quarter earnings guidance, which reflects our cautious merchandising approach and our ongoing efforts to manage other aspects of our business very conservatively through this difficult period."

Wet Seal Inc

Must ReadView All

Apparel/Garments | On 23rd Feb 2017

Pakistan invites Chinese firms to invest in Apparel Park

At a road show to set up the Quaid-e-Azam Apparel Park, Pakistan’s...

Courtesy: Intertextile Shanghai

Apparel/Garments | On 23rd Feb 2017

Intertextile Shanghai to reveal S/S 2018 trends

Both, international as well as domestic trend forums will reveal...

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search